New Issue: Lehman prices $7.735 million notes linked to six Asian indexes

New York, Jan. 25 - Lehman Brothers Holdings Inc. priced $7.735 million 0% notes linked to a basket of six Asian stock indexes, according to a 424B5 filing with the Securities and Exchange Commission.

The underlying indexes are the S&P/ASX 200 Index, the Amex Hong Kong 30 Index, the MSCI Singapore Free Index, the Korea Stock Price Index 200, the MSCI Taiwan Index and the FTSE/Xinhua China 25 Index, all equally weighted.

At maturity, the notes pay par plus any gain on the basket. If the basket loses up to 20%, investors receive par. Beyond a 20% decline, holders participate fully in any loss over 20%.

Issuer:	Lehman Brothers Holdings Inc.
Issue:	Limited principal protection senior medium-term notes
Underlying indexes:	S&P/ASX 200 Index, Amex Hong Kong 30 Index, MSCI Singapore Free Index, Korea Stock Price Index 200, MSCI Taiwan Index, FTSE/Xinhua China 25 Index (equally weighted)
Amount:	$7.735 million
Greenshoe:	$1.160 million
Maturity:	Jan. 26, 2009
Coupon:	0%
Price:	Par
Payout at maturity:	If final basket level is at or above initial level, par plus gain on basket; if final basket level is up to 20% below initial level, par; if final basket level is more than 80% below initial level, par minus loss over 20%
Pricing date:	Jan. 23
Settlement date:	Jan. 26
Underwriter:	Lehman Brothers

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